An energy storage system is a gadget or a group of gadgets assembled to convert the electrical power produced by electrical power systems and store it for supplying it later on when needed.
An energy storage system helps effectively manage and use electric power. Energy storage is often known as the energy’s “holy grail”. Its often assumed as a solution for repairing the old power grid, an essential tool in making the renewable power spread, and as a system responsible for a bridge between the demands of utilities and their consumers.
Grid-connected energy storage is not new, and it is available commercially today as an essential tool for cutting down electricity bills and earning sales revenue. The installation of thousands of grid-connected energy storage systems has been done at power facilities worldwide. This is because their installation can be done at several points in the grid.
But how can energy storage be defined, and how can it be used in facilities today across the world? Currently, over one hundred and fifty thousand megawatts have been installed around the globe. Energy storage refers to an extensive range of technologies and approaches employed for power management.
There are some technologies relevant to industrial and commercial facilities, which can operate alone by themselves or together with a solar photovoltaic installation:
Batteries often operate with intelligent software technology that can discharge and charge them based on the power usage, historical use, and weather patterns.
A rechargeable battery where power is directly stored in the electrotype solution, benefits usually include rapid response times and a longer life cycle.
These energy storage systems store electric power as kinetic energy
Thermal energy storage technologies store energy temporarily in the form of cold or heat.
Benefits of energy storage
1. Environmental benefits
Energy storage has several environmental benefits, making it an important tool to fulfill sustainability objectives. By enhancing the power grid’s overall efficiency, storage accelerates an extensive adoption of renewable energy.
Locally, there are no energy system emissions. Therefore, it can be placed anywhere in a facility with no immediate air quality or environmental effects.
2. Reduction in demand charges
Depending upon location, several industrial and commercial facilities are subjected to demand charges on their electricity bills. Energy storage systems, especially those installed with intelligent software can track the power load of a facility and cut down demand charges by supplying battery energy during peak seasons to effectively flatten the power load.
3. Emergency resilience back up
Planning for emergency backup energy is an important part of a resilience plan. Historically, industrial and commercial facilities have significantly invested in local back up emergency infrastructure.
The modern energy storage systems in today’s market provide opportunities for upgrading the energy infrastructure to provide emergency back up and a range of other money earning and money saving solutions.
The demand for energy storage is expected to multiply as the market grows with a very high compound annual growth rate. The information above tells you the benefits of energy storage systems and that the demand for energy storage will increase.
Therefore, as an energy storage system creator, you should manufacture and sell a more significant number of energy storage systems for achieving your business objectives, such as growth in profits, sales revenue, and market share.